The Crypto Market Sentiment Improved, More Gains Likely
Bitcoin price surged more than 10% and broke the key USD 12,500 resistance. Ethereum also gained traction above USD 310 and ripple is consolidating near USD 0.400. JCT surged more than 140% plus QNT and EGT gained more than 10% today.
In the past three sessions, bitcoin price gained significant bullish momentum from the USD 11,400 support base. BTC/USD broke the key USD 12,000, USD 12,200 and USD 12,500 resistance levels to move into a positive zone. Looking at major altcoins, ethereum and bitcoin cash showed positive signs, but ripple price struggled to gain traction. ETH/USD broke the USD 310 resistance and traded close to USD 320. XRP/USD tested USD 0.405 and it is currently (08:10 UTC) consolidating near USD 0.400. Overall, the market sentiment improved overnight and there could be more gains in the near term.
Total market capitalization
After an upside break above USD 11,400, bitcoin price started a strong rise. BTC/USD trimmed last week’s losses and jumped more than USD 1,000. It even broke the USD 12,500 resistance and traded towards the USD 12,750 level. It is currently correcting gains, with an immediate support near the USD 12,400 level.
The next key support is near the USD 12,150 level, where buyers are likely to protect losses. On the upside, an initial resistance is at USD 12,650, followed by USD 12,700. The main target for the bulls could be USD 13,000 in the near few sessions.
Ethereum price also climbed higher after settling above the USD 310 level. ETH/USD broke the USD 315 resistance and traded close to the USD 320 level. A swing high was formed near USD 318 and the price recently corrected below USD 315.
An initial support is near the USD 310 level, below which there is a risk of a larger correction towards the USD 300 support area.
Bitcoin cash, eos and ripple price
Bitcoin cash price extended gains above the USD 410 and USD 415 resistance levels. BCH/USD even broke the USD 420 level and it is currently consolidating gains. On the upside, immediate resistance is at USD 425, followed by USD 430. On the downside, the previous resistance at USD 415 may perhaps act as a support.
EOS moved higher and even broke the USD 6.000 resistance, but it struggled to continue higher. It is now trading just below USD 6.000 and it might make another attempt to climb above USD 6.050 and USD 6.100 in the near term. On the downside, the main support is near the USD 6.850 level.
Ripple price traded higher above the USD 0.395 and USD 0.400 resistance levels. XRP/USD traded near USD 0.405, but trimmed gains later. It is now trading below USD 0.400 and likely to test the USD 0.392 or USD 0.390 support level.
Other altcoins market today
In the past three sessions, a few small cap altcoins gained traction and jumped more than 8%, including JCT, QNT, EGT, THR, BTG, SC, MKR and DCR. Out of these, JCT surged more than 140% and QNT rallied nearly 16%.
Overall, bitcoin price is back in a positive zone above the USD 12,150 and USD 12,400 support levels. There could be a short term downside correction in BTC/USD, but the pair is likely to resume its upward move above USD 12,600 in the near term.